Tipsheet: Costco’s China Problem | Dick’s -2.5% | Lowe’s Bans | DSW +2.2%
Dick’s Sporting Goods Q1 comp sales -2.5% (-0.9% on an “unshifted” calendar basis) Press release
…Dick’s Sporting Goods shares jump after earnings beat at MarketWatch. “Net income for the quarter totaled $60.1 million, or 59 cents per share, up from $58.2 million, or 52 cents per share, for the same period last year…E-commerce accounted for about 11% of total net sales.” Read more
Costco’s Taiwan Comment Leads to Headache in China by Wayne Ma at Wall Street Journal. “The issue centers on a 2016 letter that a Costco executive sent to the Formosan Association for Public Affairs, which supports Taiwan’s right to be an independent country…Images of the letter began circulating on Chinese social media last week…” Read more (Subs.)
DSW Q1 comp sales +2.2% Press release
Michael Kors forecasts annual profit largely below estimates at CNBC. “Net income attributable to Kors was $44.1 million or 29 cents per share in the fourth quarter ended March 31, compared with a net loss of $26.8 million or 17 cents per share a year earlier.” Read more
FCC sends letter to Amazon and eBay to help remove listings for fake pay TV boxes from their websites by Sarah Perez at TechCrunch. Read more
Lowe’s to ban paint stripper by Katherine Peralta at Charlotte Observer. “…banning paint-stripping products made with methylene chloride and NMP, which advocates describe as deadly chemicals. Lowe’s said it will phase out the products by the end of the year.” Read more
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Q&A with eBay’s SVP and CCO at PR Week. “What’s your average start time in the morning? In the office between 7 a.m. and 7:30 a.m., which still feels like mid-morning after working Wall Street hours for eight years.” Q&A
Macy’s Picks Spark Foundry and Digitas as Its New Media Agencies of Record by Patrick Coffee at Adweek. “…it amounts to a significant win for Publicis and its “Power of One” approach in which multiple agencies pitch to handle different roles on a given client’s account.” Read more
Walmart rolls out grocery delivery to Twin Cities this week by Kavita Kumar at Star Tribune. “The Twin Cities, where its service will launch on Thursday, is the 14th region to get it.” Read more (Tiered subs.)
Amazon expands 10% off discount deal at Whole Foods to 12 additional states by Taylor Soper at GeekWire. “The new discounts are available at Whole Foods stores in Arkansas, Colorado, Florida, Idaho, Kansas, Kansas City, Missouri, Louisiana, New Mexico, northern Nevada, northern California, Oklahoma, Texas, Utah.” Read more
India’s e-commerce wars to be reshaped by private label brands at Reuters. Read more
Amazon shareholders will congregate in Seattle’s Fremont neighborhood Wednesday morning for the tech giant’s annual meeting by Kaitlyn Wang at GeekWire. Read more
…Protesters at Amazon shareholder meeting will fly a plane with a banner reading: ‘Bezos needs a boss’ at CNBC. “The gimmick is in support of a proposal calling for Amazon to separate the roles of CEO and chairman.” Read more
Not all Walmart shareholders are happy with split meeting format by Kim Souza at The City Wire. “The Walmart business meeting will be held Wednesday (May 30) during which shareholders elect a new slate of directors and review several shareholder proposals ahead of voting. The formal meeting will take place at the John Q. Hammons Center in Rogers at 10 a.m., making it impossible for the thousands of Walmart employees in town to attend the U.S. Associates meeting, held 8 to 10 a.m. in Fayetteville, to attend the business meeting.” Read more
Bank of America Merrill Lynch adds Target to its US 1 List, a compilation of its best stock ideas for long term returns via Seeking Alpha
Jeff Bezos: ‘We will have to leave this planet … and it’s going to make this planet better’ by Alan Boyle at GeekWire. “I spent my summers in a small town in South Texas called Cotulla, 3,000 people, about halfway between San Antonio and Laredo, and it had a tiny little town library. In that library were about 300 science-fiction books that one guy in town had donated to the library. He basically donated his entire science-fiction collection to the library…over the course of many summers I just plowed my way through all of them.” Q&A/Podcast
Tipsheet Extra Stories
Americans largely won’t pay to win a video game — but Chinese gamers will
San Diego ‘chargers’ flock downtown as app-based scooter craze soars
‘Walking Dead’: Andrew Lincoln to Exit as Norman Reedus Eyes $20M-Plus New Deal
Sears – Are suitors lining up to purchase retailer’s assets?
Study: Multivitamins, Other Common Supplements Have No Health Benefits
De Beers to start marketing lab-grown diamonds
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